HOLLYWOOD POLICE PDF
LOCK TOTAL FUND EXECUTIVE HERE LOCK LOCK TOTAL FUND UNIVERSE HERE(p1) LOCK TOTAL FUND UNIVERSE HERE(p2) LOCK TOTAL FUND RISK MEASURES LOCK LOCK TOTAL EQUITY EXECUTIVE HERE LOCK LOCK TOTAL EQUITY UNIVERSE HERE(p1) TOTAL EQUITY UNIVERSE HERE(p2) LOCK LOCK TOTAL EQUITY RISK HERE LOCK LOCK TOTAL FIXED EXECUTIVE HERE LOCK TOTAL FIXED UNIVERSE HERE(p1) TOTAL FIXED UNIVERSE HERE(p2) LOCK LOCK TOTAL FIXED RISK MEAS. HERE LOCK
START @B3 Hollywood Police Pension Fund START @E3 Hollywood Police Pension Fund % Hollywood Police Pension Fund START @H3 Hollywood Police Pension Fund % START @N3 Hollywood Police Pension Fund START @Q3 Hollywood Police Pension Fund Hollywood Police Pension Fund % Hollywood Police Pension Fund Hollywood Police Pension Fund Hollywood Police Pension Fund Hollywood Police Pension Fund Hollywood Police Pension Fund
Total Fund Total Gross Returns Total Fund Total Gross Returns Total Gross Returns Total Fund Total Gross Returns Total Equity Total Equity Returns Total Equity Total Equity Returns Total Equity Returns Total Equity Returns INVERNESS Bond Returns INVERNESS Bond Returns INVERNESS Bond Returns INVERNESS Bond Returns
Executive Summary Universe Universe Comparisons Universe Comparisons Risk Measures Risk Measures Executive Summary Universe Universe Comparisons Universe Comparisons Risk Measures Executive Summary Universe Comparisons Universe Comparisons Risk Measures
3 33%BLCC,10%BLCGC,7%BLCVC,4%BSC,23%BFI,23%IFI 33%BLCC,10%BLCGC,7%BLCVC,4%BSC,23%BFI,23%IFI 22 36 61.1%BLCC, 18.5%BLCGC, 13%BLCVC, 7.4%BSC 61.1%BLCC, 18.5%BLCGC, 13%BLCVC, 7.4%BSC 44 25 50% Broad FI, 50% Intermediate FI 50% Broad FI, 50% Intermediate FI 33
Inception date is September 30, 1992 5 6 3 Yr Inception date is September 30, 1992 38 39 3 Yr Inception date is September 30, 1992 27 28 3 Yr
All dollar values are shown in thousands. Returns are in percent. "%-tile" is the percentile ranking within the universe. Returns are in percent. "%-tile" is the percentile ranking within the universe. # of Negative Qtrs All dollar values are shown in thousands. Returns are in percent. "%-tile" is the percentile ranking within the universe. Returns are in percent. "%-tile" is the percentile ranking within the universe. # of Negative Qtrs All dollar values are shown in thousands. Returns are in percent. "%-tile" is the percentile ranking within the universe. Returns are in percent. "%-tile" is the percentile ranking within the universe. # of Negative Qtrs
Returns for periods exceeding one year are annualized. Returns for periods exceeding one year are annualized. Returns for periods exceeding one year are annualized. # of Positive Qtrs Returns for periods exceeding one year are annualized. Returns for periods exceeding one year are annualized. Returns for periods exceeding one year are annualized. # of Positive Qtrs Returns for periods exceeding one year are annualized. Returns for periods exceeding one year are annualized. Returns for periods exceeding one year are annualized. # of Positive Qtrs
Returns are gross of fees. Incept is September 30, 1992 to December 31, 2005 Fiscal Year Returns Ending September Batting Average Returns are gross of fees. Incept is September 30, 1992 to December 31, 2005 Fiscal Year Returns Ending September Batting Average Returns are gross of fees. Incept is September 30, 1992 to December 31, 2005 Fiscal Year Returns Ending September Batting Average
Account Reconciliation Trailing Returns through December 31, 2005 5-25th %tile 25-50th %tile 50-75th %tile Worst Qtr Account Reconciliation Trailing Returns through December 31, 2005 5-25th %tile 25-50th %tile 50-75th %tile Worst Qtr Account Reconciliation Trailing Returns through December 31, 2005 5-25th %tile 25-50th %tile 50-75th %tile Worst Qtr
Beginning Value 5-25th %tile 25-50th %tile 50-75th %tile 75-95th %tile Fund Index Best Qtr Beginning Value 5-25th %tile 25-50th %tile 50-75th %tile 75-95th %tile Fund Index Best Qtr Beginning Value 5-25th %tile 25-50th %tile 50-75th %tile 75-95th %tile Fund Index Best Qtr
Net Flows 75-95th %tile Fund Index -20.00% Range Net Flows 75-95th %tile Fund Index -40.00% Range Net Flows 75-95th %tile Fund Index -5.00% Range
Investment G/L 0.00% -15.00% Worst 4 Qtrs Investment G/L -5.00% -30.00% Worst 4 Qtrs Investment G/L 1.00% 0.00% Worst 4 Qtrs
Ending Value 5.00% -10.00% Standard Deviation Ending Value 0.00% -20.00% Standard Deviation Ending Value 2.00% 5.00% Standard Deviation
12/31/2005 10.00% -5.00% Beta 12/31/2005 5.00% -10.00% Beta 12/31/2005 3.00% 10.00% Beta
Qtr 15.00% 0.00% Annualized Alpha Qtr 10.00% 0.00% Annualized Alpha Qtr 4.00% 15.00% Annualized Alpha
172,597 20.00% 5.00% R-Squared 103,027 15.00% 10.00% R-Squared 63,632 5.00% 20.00% R-Squared
66 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 10.00% Sharpe Ratio 635 20.00% 20.00% Sharpe Ratio -454 6.00% 25.00% Sharpe Ratio
2,687 Trailing Returns through December 31, 2005 15.00% Treynor Ratio 2,378 25.00% 30.00% Treynor Ratio 275 7.00% Qtr YTD 2005 2004 2003 2002 2001 2000 1999 1998 Treynor Ratio
175,349 Fund 20.00% Tracking Error 106,039 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 40.00% Tracking Error 63,453 8.00% Fiscal Year Returns Ending September Tracking Error
2006 Return 25.00% Information Ratio 2006 Trailing Returns through December 31, 2005 50.00% Information Ratio 2006 9.00% Fund Information Ratio
YTD %-tile 30.00% Fund YTD Fund 60.00% Fund YTD 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr Return Fund
172,597 Index Qtr YTD 2005 2004 2003 2002 2001 2000 1999 1998 2 103,027 Return Qtr YTD 2005 2004 2003 2002 2001 2000 1999 1998 3 63,632 Trailing Returns through December 31, 2005 %-tile 3
66 Return   Fiscal Year Returns Ending September 10 635 %-tile Fiscal Year Returns Ending September   9 -454 Fund Index 9
2,687 %-tile Fund 66.67 2,378 Index Fund 41.67 275 Return Return 66.67
175,349 Universe   Return -0.78 106,039 Return Return   -2.4 63,453 %-tile %-tile -2.18
9/30/1992 5th %-tile %-tile 7.4 9/30/1992 %-tile %-tile 12.58 9/30/1992 Index Universe 3.25
Incept 25th %-tile Index 8.18 Incept Universe Index 14.98 Incept Return 5th %-tile 5.43
59,084 50th %-tile Return 4.94 18,638 5th %-tile Return 6.27 36,929 %-tile 25th %-tile 0.65
-593 75th %-tile %-tile 5 12,558 25th %-tile %-tile 8.86 -12,184 Universe 50th %-tile 3.78
116,859 95th %-tile Universe 0.89 74,843 50th %-tile Universe 0.93 38,708 5th %-tile 75th %-tile 0.87
175,349  175,349,000 1 Yr 5th %-tile 1 106,039   106,039,000 75th %-tile 5th %-tile 0.66 63,453    63,453,000  25th %-tile  95th %-tile 0.88
Investment Policy 4.96 0.0496 25th %-tile 0.91 Investment Policy 95th %-tile 25th %-tile 0.95 Investment Policy 50th %-tile Qtr 0.99
Index 28 0.71 50th %-tile 1.59 Index 1 Yr 50th %-tile 1.46 Index 75th %-tile QU. FUND 0.43 0.0043 0.54
S&P 500 1 Yr FUND 3.83 0.0383 75th %-tile 8.92 S&P 500 7.19 0.0719 75th %-tile 13.95 Lehman Gov/Credit-Intermediate 95th %-tile UNIVERSE 73 2.37
Lehman Gov/Credit-Intermediate UNIVERSE 71 95th %-tile 1.63 Russell 1000 Growth 33     95th %-tile   2.04 Lehman Gov/Credit Bond 1 Yr   POLICY 0.55 0.0055 0.7
Lehman Gov/Credit Bond POLICY 6.49 Qtr -0.01 Russell 1000 Value 5.26 0.0526   Qtr -0.21 Total 1.74 0.0174 43   0.69
Other 5.08 Qtr 1.56 0.0156 Index Russell 2000 1 Yr FUND 70 Qtr 2.3 0.023 Index Weight 70 0.83 Index
Weight 4.27 UNIVERSE 44 0.44 3 Weight UNIVERSE 10.14 UNIVERSE 49 3 50 1.96 0.0196 0.63   4
33 3.63 POLICY 1.39 0.0139 9 61.1 POLICY 7.76 POLICY 2.08 0.0208 9 50 1 Yr FUND 54 0.52 8
23 2.46 64 33.33 18.5 6.24 62 58.33 100 UNIVERSE 3 0.42 33.33
23 2 Yr   2.23 -1.67 13 4.96 3.74 -2.77 Trailing Returns through December 31, 2005 POLICY 2.32 0.28 -2.84
21 6.19 1.79 9.86 7.4 2.84 2.84   15.78 Fund 2 YTD 3.13
Trailing Returns through December 31, 2005 44   1.51 11.53 Trailing Returns through December 31, 2005 2 Yr 2.26 18.55 Index 1.68 0.43   5.97
Fund 5.8 1.26 3.54 Fund 8.58 1.83   5.26 Diff 1.28 73 -0.38
Index 56 0.79 5.34 Index 50 0.94 9.33 1 Yr 2 Yr 0.55   4.3
Diff 7.91 YTD 1 Diff 8.24 YTD 1 1.74 2.8 43 1
1 Yr 6.73 1.56 0 1 Yr 58 2.3 0 1.96 54 0.83 0
4.96 6.03 44 1 7.19 11.89 49 1 -0.22 2.79 0.63 1
3.83 5.37 1.39 1.49 5.26 9.82 2.08 1.44 2 Yr 54 0.52 0.37
1.13 4.14 64 7.95 1.93 8.55 62 13.39 2.8 4.83 0.42 1.58
2 Yr 3 Yr   2.23 0 2 Yr 7.37   3.74 0 2.79 3.41 0.28 0
6.19 9.71 0.0971 1.79 Diff 8.58 5.64 2.84 Diff 1/0/1900 2.85 2005 Diff
5.8 60   1.51 -1 8.24 3 Yr 2.26   0 3 Yr 2.33 2004 2.02 0.0202 -1
0.39 3 YR FUND 9.72 0.0972 1.26 1 0.34 14.74 0.1474 1.83   0 3.83 1.76 UNIVERSE 68 1
3 Yr UNIVERSE 60 0.79 33.34 3 Yr 59   0.94     -16.66 3.35 3 Yr POLICY 2.02 0.0202 33.34
9.71 POLICY 12.39 2005   0.89 14.74 15.16 0.1516 2005 0.37 0.48 3.83 0.0383 68   0.66
9.72 11.09 2004 9.21 0.0921 -2.46 15.16 3 YR FUND 51 2004 14.34 0.1434 -3.2 4 Yr 29 4.66 0.12
-0.01 10.11 UNIVERSE 40   -3.35 -0.42 UNIVERSE 18.47 UNIVERSE 46 -3.57 5.47 3.35 0.0335 2.94   -0.54
4 Yr 9.18 POLICY 8.03 0.0803 1.4 4 Yr POLICY 16.32 POLICY 13.15 0.1315 1.01 5.08 3 YR FUND 44 2.38 1.03
5.9 7.96 72 -0.34 5.91 15.16 65 -0.47 0.39 UNIVERSE 7.96 1.89 -0.52
4.85 4 Yr   11.49 -0.11 4.07 13.84 19.17 -0.07 5 Yr POLICY 4.06 1.28 -0.13
1.05 5.9 9.9 1 1.84 11.99 16.05   0.66 6.17 3.13 2004 0.88
5 Yr 23   8.83 -0.09 5 Yr 4 Yr 14.16 -0.05 5.8 2.55 2003 3.49 0.0349 -0.01
4.31 4.85 7.87 0.1 2.54 5.91 12.55   0.02 0.37 1.91 UNIVERSE 33 0.17
3.2 55 6.42 0.97 0.31 20 10.05   0.56 6 Yr 4 Yr POLICY 3 0.03 0.79
1.11 7.42 2004   1.63 2.23 4.07 2004 2.04 6.85 5.47 49   0.7
6 Yr 5.8 2003 8.55 0.0855 5 Yr 5 Yr 6 Yr 56 2003 12.54 0.1254 5 Yr 5 Yr 6.64 20 7.43 5 Yr 5 Yr
2.76 4.99 UNIVERSE 55   # of Negative Qtrs -0.59 8.48 UNIVERSE 58 # of Negative Qtrs 0.21 5.08 3.83   # of Negative Qtrs
2.32 4.36 POLICY 8.75 0.0875 # of Positive Qtrs -1.93 5.55 POLICY 13.64 0.1364 # of Positive Qtrs 7 Yr 28 2.96 # of Positive Qtrs
0.44 3.3 49 Batting Average 1.34 4.29 40 Batting Average 5.75 7.05 2.27 Batting Average
7 Yr 5 Yr   11.54 Worst Qtr 7 Yr 3.18 17.81 Worst Qtr 5.53 5.18 1.54 Worst Qtr
4.48 4.31 0.0431 9.88 Best Qtr 1/3/1900 1.54 14.87 Best Qtr 1/0/1900 4.56 2003 Best Qtr
3.33 24   8.72 Range 0.96 5 Yr 12.95 Range 8 Yr 3.95 2002 7.39 0.0739 Range
1/1/1900 5 YR FUND 3.2 0.032 7.6 Worst 4 Qtrs 1/2/1900 2.54 0.0254 11.18 Worst 4 Qtrs 6.19 3.23 UNIVERSE 21 Worst 4 Qtrs
8 Yr UNIVERSE 55 5.71 Standard Deviation 8 Yr 23 8.06   Standard Deviation 5.95 5 Yr POLICY 6.26 0.0626 Standard Deviation
1/6/1900 POLICY 6.08 2003   Beta 5.7 0.31 0.0031 2003 Beta 0.24 6.17 0.0617 27   Beta
5.06 4.18 2002 13.14 0.1314 Annualized Alpha 4.16 5 YR FUND 59 2002 20.44 0.2044 Annualized Alpha 9 Yr 15 15.41 Annualized Alpha
0.97 3.3 UNIVERSE 90   R-Squared 1.54 UNIVERSE 5.53 UNIVERSE 90 R-Squared 6.5 5.8 0.058 6.36   R-Squared
9 Yr 2.53 POLICY 16.91 0.1691 Sharpe Ratio 9 Yr POLICY 2.33 POLICY 25.89 0.2589 Sharpe Ratio 6.27 5 YR FUND 23 4.78 Sharpe Ratio
7.48 1.58 28 Treynor Ratio 8.4 0.67 19 Treynor Ratio 0.23 UNIVERSE 6.99 3.82 Treynor Ratio
6.43 6 Yr   20.53 Tracking Error 1/7/1900 -0.54 28.44 Tracking Error 10 Yr POLICY 5.69 2.69 Tracking Error
1.05 2.76 17.23 Information Ratio 1/1/1900 -2.68 25.39   Information Ratio 6.17 5.15 2002 Information Ratio
10 Yr 53   15.33 Fund Fund 10 Yr 6 Yr 23.69 Fund Fund 5.99 4.64 2001 8.77 0.0877 Fund Fund
7.88 2.32 14.15 6 9.55 -0.59 21.86   7 0.18 4 UNIVERSE 6 3
1/6/1900 64 12.03 14 1/8/1900 51 19.04   13 9/30/1992 6 Yr POLICY 8.65 0.0865 17
0.96 6.28 2002   Batting Average 75 0.92 -1.93 2002 Batting Average 60 Incept 6.85 8   Batting Average 60
9/30/1992 4.29 2001 -1.69 -0.0169 -5.87 9/30/1992 72 2001 -9.95 -0.0995 -15 6.4 8 8.8 -2.18
Incept 2.93 UNIVERSE 4   7.4 Incept 6.13 UNIVERSE 5 13.48 1/6/1900 6.64 7.65   4.93
8.75 1.89 POLICY -7.82 -0.0782 13.27 11.19 1.81 POLICY -20.84 -0.2084 28.48 0.13 13 6.86 7.11
7.76 0.51 58 -6.19 10.4 -0.54 74 -20.21   Fiscal Year Returns Ending September 7.06 5.67 0.65
0.99 7 Yr -2.78 Standard Deviation 7.12 0.79 -2.14 -10.52 Standard Deviation 14.56 Fund 6.31 1.79 Standard Deviation 3.78
Fiscal Year Returns Ending September 4.48 -6.01 Beta 0.87 Fiscal Year Returns Ending September -4.12 -16.75 Beta 0.92 Index 5.88 2001 Beta 0.89
Fund 30 -7.38 Annualized Alpha 1.48 0.0148 Fund 7 Yr -19.38 Annualized Alpha 2.2 0.022 Diff 5.33 2000 13.27 0.1327 Annualized Alpha 0.97 0.0097
Index 3.33 -8.64 R-Squared 0.94 Index 3.04 -20.95 R-Squared 0.96 12/31/2005 4.64 UNIVERSE 4 R-Squared 0.98
Diff 68 -10.51 0.29 Diff 30 -23.24   0.02 Qtr 7 Yr POLICY 13.04 0.1304 1.05
12/31/2005 6.66 2001   2.41 12/31/2005 0.96 2001 0.36 0.43 5.75 7   4.45
Qtr 4.65 2000 -13.09 -0.1309 2.03 Qtr 69 2000 -31.03 -0.3103 3.18 0.55 9 13.13 0.7
1.56 3.68 UNIVERSE 79   0.55 2.3 7.72 UNIVERSE 79 0.7 -0.12 5.53 12.35   0.53
1.39 3.14 POLICY -12.38 -0.1238 Policy Index 2.08 3.43 POLICY -30.46 -0.3046 Policy Index 2006 14 11.69 Policy Index
0.17 2.12 76 8 0.22 1.83 74 8 YTD 5.88 10.55 5
2006 8 Yr -0.17 12 2006 0.79 -9.45 12 1/0/1900 5.27 0.57 15
YTD 6.03 -5.71 25 YTD -0.67 -20.4 40 0.55 4.93 2000 40
1.56 13 -9.96 -7.1 2.3 8 Yr -27.52 -16.86 -0.12 4.57 6.22 -2.84
1.39 5.06 -12.18 9.86 2.08 5.7 -30.63 15.78 2005 4.11 33 5.11
0.17 48 -16.62 16.96 0.22 19 -37.84 32.64 2.02 8 Yr 6.47 7.95
2005 6.99 2000 -8.99 2005 4.16 2000 -25.12 2.02 6.19 17 -0.38
9.21 5.58 12.75 Standard Deviation 7.92 14.34 52 17.11 Standard Deviation 15.51 0 3 6.94 Standard Deviation 4.2
8.03 5 33 1 13.15 7.41 33 1 2004 5.95 6.33 1
1.18 4.4 9.42 0 1.19 5.31 12.38 0 3.49 8 5.96 0
2004 2.91 61 1 2004 4.2 64 1 3 6.02 5.47 1
8.55 9 Yr 21.2 0.13 12.54 3.1 35.42 -0.12 0.49 5.54 2.92 0.85
8.75 7.48 13.96 0.99 13.64 0.91 19.91 -1.9 2003 5.2 1999 3.59
-0.2 11 10.26 0 -1.1 9 Yr 14.11 0 7.39 4.85 -0.41 0
2003 6.43 8.45 Diff 2003 8.4 10.61 Diff 6.26 4.37 72 Diff
13.14 45 4.09 -2 20.44 15 1.48 -1 1.13 9 Yr -0.5 -2
16.91 7.86 1999 2 25.89 7.07 1999 1 2002 6.5 75 2
-3.77 6.91 14.56 50 -5.45 43 30.59 20 8.77 3 3.72 20
2002 6.3 34 1.23 2002 9.55 17 1.86 8.65 6.27 1.67 0.66
-1.69 5.58 12.85 -2.46 -9.95 7.86 26.68 -2.3 0.12 10 0.54 -0.18
-7.82 3.91 56 -3.69 -20.84 6.82 47 -4.16 2001 6.37 -0.58 -0.84
6.13 10 Yr 21.24 2.8 10.89 5.59 41.16 4.91 13.27 5.89 -2.06 1.03
2001 7.88 15.36 -0.8 2001 2.93 28.33 -0.95 13.04 5.55 1998 -0.42
-13.09 13 13.45 -0.13 -31.03 10 Yr 25.89 -0.08 0.23 5.2 11.65 -0.11
-12.38 6.92 9.9 1.48 -30.46 9.55 18.1 2.2 2000 4.75 7 0.97
-0.71 37 2.91 -0.06 -0.57 14 3.56 -0.04 6.22 10 Yr 11.62 -0.02
2000 8.57 1998 0.16 2000 8.63 1998 0.14 6.47 6.17 8 0.2
12.75 7.33 9.13 1.42 17.11 36 6.61 2.26 -0.25 6 12.17 0.86
9.42 6.66 8 2.03 12.38 10.48 38 3.18 1999 5.99 9.97 0.7
3.33 6.07 9.72 10 Yr 4.73 9.04 10.1 10 Yr -0.41 11 8.86 10 Yr
1999 4.37 5 # of Negative Qtrs 1999 8 15 # of Negative Qtrs -0.5 6.21 7.67 # of Negative Qtrs
14.56 7.16 9.58 # of Positive Qtrs 30.59 6.72 13.11 # of Positive Qtrs 0.09 5.67 2.96 # of Positive Qtrs
12.85 5.89 7.48 Batting Average 1/26/1900 3.88 8.72   Batting Average 6/20/1905 5.36 16.26   Batting Average
1.71 7.17 4.83 Worst Qtr 3.91 7.08 3.29 Worst Qtr 11.65 5.05 12.82 Worst Qtr
6/20/1905 5.92 1.43 Best Qtr 1998 5.22 -3.25   Best Qtr 11.62 4.68 8.28   Best Qtr
9.13 4.24 -3.99 Range 6.61 6.08 -17.25 Range 0.03 5.36 27 Range
9.72 Worst 4 Qtrs 1/10/1900 7.63 21.63   Worst 4 Qtrs 6/19/1905 4.94 9.46   Worst 4 Qtrs
-0.59 Standard Deviation -3.49 3.74 19 Standard Deviation 9.19 5.38 3.7 Standard Deviation
6/19/1905 Beta 1997 17.44   Beta 8.89 2.37   Beta
21.02 Annualized Alpha 35.14 15.88 Annualized Alpha 0.3 1.11 Annualized Alpha
1/20/1900 R-Squared 40.62 14.26 R-Squared Returns in Up Markets 0.39 R-Squared
0.5 Sharpe Ratio -5.48 YTD Sharpe Ratio Fund YTD Sharpe Ratio
Returns in Up Markets Treynor Ratio Returns in Up Markets 12.31 Treynor Ratio Index 4.44 Treynor Ratio
Fund Tracking Error Fund 65 Tracking Error Ratio 37 Tracking Error
Index Information Ratio Index 13.02 Information Ratio 3 Yr 5.23 Information Ratio
Ratio Fund Ratio 50 Fund 7.4 29 Fund
3 Yr 10 3 Yr 17.59 12 7.6 16.11 7
13.2 30 22.5 14.43 28 98.3 5.92 33
14.7 67.5 24.8 13.01 55 5 Yr 3.67 60
90 -5.87 91 11.77 -15 9.1 1.98 -2.18
5 Yr 11.41 5 Yr 9.97 22.14 9.3 0.87 4.93
14.7 17.28 26.5 2002 37.14 98.7 2002 7.11
16.5 -13.09 28.3 2002 FUND -21.65   -31.03 10 Yr 2002 FUND 10.49   -0.66
89.6 8.06 4/2/1900 UNIVERSE 88 15.34 1/9/1900 UNIVERSE 11 3.62
10 Yr 0.96 10 Yr POLICY -20.67   0.93 9.3 POLICY 11.02   0.95
1/16/1900 1.18 30.7 84   1.41 98.8 8 0.47
1/16/1900 0.93 2/1/1900 -9.82 0.94 9/30/1992 11.72   0.97
101.1 0.52 4/4/1900 -13.94 0.38 Incept 9.31 0.68
9/30/1992 4.33 9/30/1992 -16.68 6.27 9.9 7.69   2.58
Incept 2.2 Incept -19.33 3.78 10 4.45 0.63
16.1 0.44 27.2 -23.14 0.24 98.9 -2.07 0.29
1/15/1900 Index 27.8 2001 Index Returns in Down Markets 2001 Index
103.2 12 97.6 2001 FUND -5.89   13 Fund 2001 FUND 8.73   10
Returns in Down Markets 28 Returns in Down Markets UNIVERSE 74 27 Index UNIVERSE 14 30
Fund 32.5 Fund POLICY -11.08   45 Ratio POLICY 8.51   40
Index -7.1 Index 96 -16.86 3 Yr 18 -2.84
Ratio 10.4 Ratio 5.46 21.13 -3 9.68   5.11
3 Yr 17.5 3 Yr -0.02 37.99 -4.6 8.13 7.95
-0.1 -12.38 -4.4 -3.26 -30.46 65.4 7.33   -0.89
-2.9 8.08 -7.2 -6.04 15.98 5 Yr 6.21 3.76
3.8 1 61.1 -10.93 1 -2.3 0.36 1
5 Yr 0 5 Yr 2000 0 -3.9 2000 0
-9.6 1 -25.2 2000 FUND -5.56   1 57.1 2000 FUND 12.61   1
-13.9 0.4 -30.6 UNIVERSE 98 0.31 10 Yr UNIVERSE 8 0.6
68.8 3.2 82.1 POLICY -6.49   4.91 -2.4 POLICY 11.84   2.27
10 Yr 0 10 Yr 99 0 -3.4 15 0
-10.1 Diff -24.1 16.45 Diff 71.1 13.05   Diff
-12.5 -2 ################################ 9.38 -1 9/30/1992 11.01 -3
81.4 2 87.3 5.82 1 Incept 9.44   3
9/30/1992 35 9/30/1992 1.47 10 -2.8 7.02 20
Incept 1.23 Incept -4.06 1.86 -3.5 -8.83 0.66
-9.4 1.01 -23.5 1999 1.01 80 1999 -0.18
-11.5 -0.22 -26.6 1999 FUND 19.52   -0.85 1999 FUND -2.72   -0.84
82.2 -0.71 88.4 UNIVERSE 46 -0.57 UNIVERSE 88 0.23
-0.02 POLICY 20.41   -0.64 POLICY -2.15   -0.14
-0.04 41 -0.07 83 -0.05
1.18 35.59 1.41 7   0.47
-0.07 24.4 -0.06 2.72 -0.03
0.12 18.88 0.07 0.33   0.08
1.13 13.96 1.36 -1.4 0.31
2.2 8.02 3.78 -3.93 0.63
Incept 1998 Incept 1998 Incept
# of Negative Qtrs 1998 FUND 16.91   # of Negative Qtrs 1998 FUND 9.74   # of Negative Qtrs
# of Positive Qtrs UNIVERSE 13 # of Positive Qtrs UNIVERSE 7 # of Positive Qtrs
Batting Average POLICY 20.4   Batting Average POLICY 9.47   Batting Average
Worst Qtr 6 Worst Qtr 8 Worst Qtr
Best Qtr 21.24 Best Qtr 9.93   Best Qtr
Range 14.25 Range 8.09 Range
Worst 4 Qtrs 9.97 Worst 4 Qtrs 6.94 Worst 4 Qtrs
Standard Deviation 6.68 Standard Deviation 5.76 Standard Deviation
Beta 1.46 Beta -0.13 Beta
Annualized Alpha 1997 Annualized Alpha 1997 Annualized Alpha
R-Squared 38.59 R-Squared 8.55 R-Squared
Sharpe Ratio 1 Sharpe Ratio 54 Sharpe Ratio
Treynor Ratio 30.86 Treynor Ratio 9.75 Treynor Ratio
Tracking Error 16 Tracking Error 26 Tracking Error
Information Ratio 33.38 Information Ratio 14.34 Information Ratio
Fund 29.54 Fund 9.77 Fund
11 26.7 13 8.72 11
42 23.64 40 7.12 42
66.04 16.88 52.83 5.89 62.26
-5.87 1996 -15 1996 -2.78
11.41 19.67 22.14 5.98 5.99
17.28 69 37.14 20 8.77
-13.09 21.34 -31.03 2.91 -3.65
7.44 52 13.99 74 3.76
0.96 28.78 0.93 13.49 0.96
1.22 24.05 1.38 5.37 0.34
0.91 21.49 0.93 3.97 0.97
0.66 18.8 0.52 2.83 0.68
5.1 14.89 7.89 1.19 2.66
2.22 1995 3.86 1995 0.66
0.45 37.47 0.2 23.05 0.2
Index 31.79 Index 18.43 Index
14 28.75 14 16.26 14
39 25.73 39 12.82 39
33.96 21.74 47.17 8.28 37.74
-7.1 -16.86 -2.84
10.4 21.13 5.74
17.5 37.99 8.58
-12.38 -30.46 -2.9
7.38 14.43 3.84
1 1 1
0 0 0
1 1 1
0.53 0.45 0.63
3.91 6.55 2.42
0 0 0
Diff Diff Diff
-3 -1 -3
3 1 3
32.08 5.66 24.52
1.23 1.86 0.06
1.01 1.01 0.25
-0.22 -0.85 0.19
-0.71 -0.57 -0.75
0.06 -0.44 -0.08
-0.04 -0.07 -0.04
1.22 1.38 0.34
-0.09 -0.07 -0.03
0.13 0.07 0.05
1.19 1.34 0.24
2.22 3.86 0.66